Life insurance is probably the one product in life you buy that you hope you never have to use. But you still need to have it to protect your assets and your family in the event of your untimely death. Buying life insurance can be complicated, but the following guide gives you a few tips to help make the process a little easier.
Depending on your situation you may want either a term life policy or a whole life policy.
Term life insurance offers a set amount of coverage for a certain “term,” such as 10, 20 or 30 years. Term life insurance usually has a set premium that never changes as long as the policy is in force. The biggest advantage to term life insurance is that you get a lot of coverage for a small premium. However, when the term runs out, the policy ends, and you have no coverage unless you renew. Of course, at that point you will be much older and your risk of dying will be higher, so your premium will increase.
A whole-life insurance policy, on the other hand, provides you an amount of coverage that never ends, as long as you continue to pay the premium. Read more…
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